Home Business News Chipotle expects sales to skyrocket this quarter, based on 17.2% growth in...

Chipotle expects sales to skyrocket this quarter, based on 17.2% growth in the first quarter.


© Reuters. FILE PHOTO: Customer orders food from a Chipotle restaurant at the King of Prussia Shopping Center in King of Prussia

By Nivedita Balu and Hilary Russ

(Reuters) -Chipotle Mexican Grill Inc on Wednesday said its comparable sales this quarter could increase as much as 30% as COVID-19 vaccination quickly encourages consumers to return home. The restaurant offers quick service in an affordable dining space.

Stocks rose slightly after trading hours after the burrito chain reported equivalent sales up 17.2% in the first quarter, thanks to new menu items such as quesadillas and consumer use of relief funds. Federal pandemic to order tacos and salads online.

The company said digital sales were up nearly 134% in the first quarter and accounted for half of all sales, the company said Wednesday.

The company’s digital sales rose rapidly during the pandemic, encouraging it to expand its pre-order lanes called “Chipotlanes” for the majority of its restaurants in the United States.

Revenue increased 23.4% to $ 1.74 billion, in line with analyst estimates, according to IBES data from Refinitiv.

While the company reiterated that it plans to open around 200 new restaurants by 2021, it continues to shirk its full-year sales and revenue forecasts.

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